MIRA INFORM REPORT

Report Date :

06.02.2012

IDENTIFICATION DETAILS

Name :	SAI HARITEJA POLYMERS PRIVATE LIMITED
Registered Office :	Plot No.16/B, Road No.76, Phase IV Extn, IDA, Jeedimetla, Hyderabad - 500055, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.12.1999
Com. Reg. No.:	01-033179
Capital Investment / Paid-up Capital :	Rs.24.091 Millions
CIN No.: [Company Identification No.]	U21014AP1999PTC033179
TAN No.: [Tax Deduction & Collection Account No.]	HYDS14809E
PAN No.: [Permanent Account No.]	AAGCS08201G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of the superior quality Poly Packaging Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 14000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Plot No.16/B, Road No.76, Phase IV Extn, IDA, Jeedimetla, Hyderabad - 500055, Andhra Pradesh, India
Tel. No.:	91-40-23090941/ 23095392/ 23090210
Fax No.:	91-40-23090941
E-Mail :	saiharitejapolymers@gmail.com

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Naluru Srinivasa Rao

Designation :

Managing Director

Address :

Plot No.373, Vivekananda Nagar, Kukatpally, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

10.07.1965

Date of Appointment :

30.12.1999

DIN No.:

00065290

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24133AP1998PTC028782	EXCEL WOVEN SACKS PRIVATE LIMITED	Director	22/01/1998	22/01/1998	1/9/2011	Active	NO
2	U21014AP1999PTC033179	SAI HARITEJA POLYMERS PRIVATE LIMITED	Managing director	30/12/1999	30/12/1999	-	Active	NO

Name :

Mr. Nalluru Baby Padma

Designation :

Director

Address :

Plot No.373, Vivekananda Nagar, Kukatpally, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

03.08.1972

Date of Appointment :

30.12.1999

DIN No.:

01857614

Name :

Mr. Jayaram Muppaneni

Designation :

Director

Address :

Plot No.213 and 214, Phase – 1, Padma Nagar, Chintal, Hyderabad – 500854, Andhra Pradesh, India

Date of Birth/Age :

01.06.1969

Date of Appointment :

30.12.1999

DIN No.:

01857630

Name :

Mr. Gogineni Venkata Rayadu

Designation :

Director

Address :

9-347, Subash Nagar, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India

Date of Birth/Age :

05.04.1980

Date of Appointment :

01.09.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
N. Srinivasa Rao	1324927
N. Baby Padma	779200
G. Rajeswari	12500
G. Rajewara Rao	10000
G. Venkata Rayudu	7500
A. Srinivasa Rao	30000
A. Vijayalaxmi	9000
G. Venkateswara Rao	10000
G. Jhansi	5000
M. Jayaram	10000
M. Shantishree	10000
M. Sambasiva Rao	10000
G. Rammohan Rao	25000
G. Pushpavathi	5000
G. Tarakanath	5000
CH. Mohan Das	7500
CH. Murali	10000
B. Seetaramaiah	10000
T. Achutaramaiah	10000
G. Annapurna	7500
G.Venkata Rao	8500
J. Shiva Rani	9000
Avula.Srinivasa Rao	10000
Avula.Vijaya Laxmi	9000
K. Ranga Ram	6000
K. Jagmohan Rao	7000
K. Ratnakumari	6000
K. Laximinarayana	5500
K. Krupa Sai	7000
K. D.B.Nouroji	6000
B. Koteswara Rao	7500
B. Rukmini	8000
K. Suryanarayana	9500
J. Subba Rao	6000
G. Sambasiva Rao	6000
Total	2409127

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	91.45
Other top fifty shareholders	8.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of the superior quality Poly Packaging Products.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Polythene Films/ Bags	KGS	NA	NA	1293018

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Andhra Bank

Specialised corporate finance Branch, Somjiguda, Hyderabad – 500082, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan from Andhra Bank Against Hypothecation of Plant and Machinery	35.520	3.767
Working Capital from Andhra Bank against hypothecation of Stocks	22.132	19.022
Vehicles Loans from Bank	2.103	1.206
Total	59.755	23.995
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks	1.803	1.388
From Shareholders	1.250	3.251
Total	3.053	4.639

Banking Relations :	--
Auditors :
Name :	S Venkatadri and Company Chartered Accountant
Address :	1408 Babukhan Estate, Basheerbagh, Hyderabad – 500001, Andhra Pradesh, India
PAN No.:	ADOPK6192N

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Share	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Share	Rs.10/- each	Rs.30.000 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Share	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2409127	Equity Share	Rs.10/- each	Rs.24.091 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		24.091	4.000	4.000
2] Share Application Money		5.909	11.237	6.497
3] Reserves & Surplus		5.103	3.368	1.819
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		35.103	18.605	12.316
LOAN FUNDS
1] Secured Loans		59.755	23.995	26.498
2] Unsecured Loans		3.053	4.639	3.644
TOTAL BORROWING		62.808	28.634	30.142
DEFERRED TAX LIABILITIES		0.252	0.332	0.343
TOTAL		98.163	47.571	42.801
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.945	19.176	17.284
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.818	3.171	2.401
	Sundry Debtors	32.528	28.168	20.348
	Cash & Bank Balances	1.689	1.870	0.932
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	44.369	4.365	4.683
Total Current Assets		86.404	37.574	28.364
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	16.407	6.991	2.597
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.779	2.188	0.250
Total Current Liabilities		19.186	9.179	2.847
Net Current Assets		67.218	28.395	25.517
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		98.163	47.571	42.801

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	146.728	114.078	113.712
		Job Work	0.000	0.000	0.709
		Other Income	0.095	0.063	0.044
		Increase/ Decrease in Stock	2.312	0.140	(2.561)
		TOTAL (A)	149.135	114.281	111.904
Less	EXPENSES
		Raw Materials Consumed		81.370	83.076
		Manufacturing Expenses		6.657	5.979
		Salaries, Wages and Other Allowances		4.202	2.711
		Selling Expenses		8.860	10.555
		Other Administrative Expenses		4.894	2.504
		Preliminary Expenses Written off		0.000	0.015
		TOTAL (B)	146.396	105.983	104.840
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	8.298	7.064
Less	FINANCIAL EXPENSES (D)			3.777	3.579
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.288	4.521	3.485
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.549	2.380	2.498
	PROFIT BEFORE TAX (E-F) (G)		2.739	2.141	0.987
Less	TAX (H)		1.005	0.592	0.381
	PROFIT AFTER TAX (G-H) (I)		1.734	1.549	0.606
Add	OPENING BALANCE		--	0.818	0.212
	BALANCE TRANSFERRED TO BALANCE SHEET		--	2.367	0.818
	Earnings Per Share (Rs.)		1.31	3.87	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.16	1.36	0.54
Net Profit Margin (PBT/Sales)	(%)	1.87	1.88	0.87
Return on Total Assets (PBT/Total Assets}	(%)	2.33	3.77	2.16
Return on Investment (ROI) (PBT/Networth)		0.08	0.12	0.08
Debt Equity Ratio (Total Liability/Networth)		2.34	2.03	2.68
Current Ratio (Current Asset/Current Liability)		4.50	4.09	9.96

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U21014AP1999PTC033179
Name of the company	SAI HARITEJA POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.16B, Phase IV Extn, IDA, Jeedimetla, Hyderabad -55, Andhra Pradesh, India saiharitejapolymers@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10040738
Type of charge	Immovable Property Book Debts Movable Property Others: Plant and Machinery
Particular of charge holder	Andhra Bank Specialized Corporate Finance Branch, 6-3-648, 3rd Floor, Padmaja Land Mark, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India bmhydm1006@andhrabank.co.in
Nature of description of the instrument creating or modifying the charge	Composite Agreement
Date of instrument Creating the charge	25.08.2010
Amount secured by the charge	Rs.90.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan : BMPLR + 0.50% + TP Open Cash Credit : BMPLR + 0.50% Terms of Repayment Term Loan : 66 monthly installments commencing from April 2011 with initial holiday of 9 months from the date of disbursement Margin Term Loan : 40% on Civil Works and 25% on Plant & Machinery Open Cash Credit : 25% on Inventory, 50% on book debts not older than 90 days ILC / FLC : 10% Cash Margin Bank Guarantee : 10% Cash Margin Extent and Operation of the charge Term Loan: Exclusive charge on Land admeasuring 1000 sq. meters or 1196 sq yards, adjacent to existing Plot No.16/B, situated in Phase IV (Extension) IDA, Jeedimetla, Qutubullahpur Mandal, RR District with proposed factory buildings to be constructed thereupon and hypothecation of Plant and Machinery to be erected both present or future. Open Cash Credit : Hypothecation of raw material, stock in process, finished goods and book debts not older than 90 days ILC / FLC : Material imported/purchased Others Total limits of Rs.90.000 Millions divided into :- Term Loan : Rs.44.000 Millions Open Cash Credit : Rs.34.500 Millions ILC / FLC : Rs.10.000 Millions Bank Guarantee : Rs.1.500 Millions
Short particulars of the property charged	Exclusive charge on Land admeasuring 1000 sq. meters or 1196 sq yards, adjacent to existing Plot No.16/B, situated in Phase IV (Extension) IDA, Jeedimetla, Qutubullahpur Mandal, RR District Proposed factory buildings to be constructed upon the aforesaid land and hypothecation of Plant and Machinery to be erected both present or future. Hypothecation of raw material, stock in process, finished goods and book debts not older than 90 days Material imported / purchased using ILC / FLC limits
Particulars of the present modification	Existing Revised Rs. Millions Limits :- Term Loan - 44.000 Open Cash Credit 20.000 34.500 ILC / FLC 10.000 10.000 Bank Guarantee 1.500 1.500 ------ ------- TOTAL 31.500 90.000

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Vehicles

· Computers

· Office Equipment

· Furniture

· Weighing in Progress

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.13
UK Pound	1	Rs.77.85
Euro	1	Rs.64.75

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.